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HomeMy WebLinkAbout0582~.. °~~R;r 4~ F~cE5~2 - 8. Until default in the performance of the cavenauts and agreenre:rts of this mortgage, the mortgagors shall be entitled t., collect the rents, issues and profits fmm the premises hereinbefore described, but in curse of a default in any of the terms of this mortgage, and the filingg of a bill to foreclose this or any other mortgage encumbering the within described propert}', the Association shall immeclintelj• and without notice be entitled to tho appointment of a Receiver of the mortgaged property, and of the rents, issues and profits thereof, widr the usual power of Receivea in such rases, and such Receiver may he continued in possession c•f the said properh• until the time of the sale thereof under such foreclosure, and until t'~e confirmation of such sale bw the Court. 9. If a cvnv`)•ancc-should be made b the mortgagors of the premises herein described, or nny part thereof, without the .written amsent of the Assxiation, and without assumption in regular form of law by the grantee of the obligations to the A~sur•iation created by said promissory note and chic mortgage, then, and in that event, and at the option of the Association. tool ~cithrn:t notice, all sums of money sec:ved hereby shall immediately and concurrently with such conveyance became due and i,a~ able and in default. The Association may deal with successors in interest with reference to this mortgage and the debt hereby secured in the same mannrr as with the mortgagors, and may forbesr to sue or may extend time for payment of the deb•:, secured hercbv, or otherwise act without discharging or in any way afEe=frog the liability of the mortgagors hereunder or upon the debt hercbv secured. 'fhe Association may also deal with the Mortgagors and/or with successors in interest with reference to this mortti;age a,xi tho debt lierebv secured by forbearing to sue, extending the time for payment of the debt, providing for different mrnrt~rly Iklyments and/or a different interest rate, and by other express modifications of the contract, without losing any priority the Association hay over other mortgagees or lienors or holders of any junior interests in the property secured hereby. ]0. That in the event the prc>:niscs hereby mortgaged, or any part thereof, shall be condemned and taken for public use under the power of eminent domain, the Association shalt have the right to demand that nil damages awarded for the taking of or damages to said premises shall be paid to the Association, its successors or xssitms, up to the amount unpaid on this mortgage and may be applied upcm the payment or payments last payable thereon. 11. It is specifically agreed that time is the essence of this contract and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. 12. 1f foreclosure-proceedings of any second mortgage or second trust deed or arty junior-lien of any kind should be insti- tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereb}• due and Ixiyable. 13. To the extent of the indebtedness of the Mortgagors to the Association described herein o: scarred hereby, the Asso-~ oration is hereb}' subrogated to the lien. or liens turd to the rights of the owners and holders thereof of each and every mortgage,' lien or other encumbrance on the land described herein which.is paid irnd(or) satisfied, in whole or in part, out of tjre proceeds of the loan described herein or secured hereby, and the respective liens of said mortgages, liens or other encumbrances, shall piss to and be held by the Association herein as security for the indebtedness to the Association herein described or hereby secured, to the same extent that it would have been preserved and would have been passed to and been held by the Association had it been duly and regularly assigned ;ra.^.sferred, set over and delivere3 unto the Association by separate deed of assignment, nohvithstand- ing the fact that the same may be satisfied and canceU d of record, it being the intention of the parties hereto that tl:o same will be satisfied and cancelled of record b}• the holders thereof at or about the time of fire recording of this mortgage. 14. To pay all and singular the costs, charges, and expenses including lawyers fees, reasonably incurred or paid at any time by the Association, because of the failure of the Mortgagors to perform, comply with and abide by each and every stipula- tions, agreements, conditions and rnvenants of said promissory note and this deed, ur either, and every such payment shall bear interest from date, at the rate stated in the note securcci hereby. 15. That he will ~rnit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event of the failure of the Tiortgagors to keep the buildings on said premises and those to be erected on said premises, or improvements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem necessary for the p*oper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage and shall of the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa- tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. 16. That if the Association and the ~Sortgagors agree, the Mortgagors ~viL' carry a policy or policies of insurance upon their lives in an amount equal from time to time to the arnorrnt of indebteddness hereby secured, rr:aking said Assxiation benefi- ciary thereunder, and that the said Association may pay the premiums for such insurance (in the event the Mortgagors do not), noel add each such pa~'ment to the unpaid balance e the loan, as of the first day of the then current month, and it shall become additional indebtedness secure.•i by this mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a c~:~s::vction loan, failure on the part of the 1\Eortgagors or their contractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build said constnution in accordance with plans and specifications filed with the AssGciation, shall constitute a breach of this mortgage, and, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ciation may immediately institute proms-eedings to foredosa this mortgage. 18. That the abstract or lbstracts of title covering the mortgaged property shall at all time.T, during the life of this mort- gage, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, an3 interest of the Mortgagors in and to any such abstracts of title shall pass to the purchaser or grantee. 19. The Assxiation shall have the right, in its discretion, to require that the Mortgagors pay into the Association in addi- tion to the monthly installments of principal and interest to be paid by the 'rortgagors under the note secured by this mortgage, :in amount equal to one-twelfth of the annual installments of arty taxes on the mortgaged premises levied or assessed by any governmental authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged premises as hereinbefore required by the Association, and the Mortgagors' failure to make such payments shall constitute a default under this mortgage. IN :VITI\'ESS WHEREOF, the said Mortgagors heretmto set their hands and seals the day and year first above written. Signed, sealed and delivered in the presence of: I , ~ ~~ .-~.1. - --- -- --- - .._- - --- - - ---~ - - - ~~~ ---{SEAL) ------- -------- -- ------ _ J~ M, turner /,~ -_ -- - ------------------ - - Mira W. Turner --- ,- - - --- - --- --- --{SEAL) ' _ . {SEAL.) - -- --- - - ~ -